Bank of India Home Loan Interest Rates

Bank of India Home Loan Interest Rates       


The Star Educational Loan Scheme aims at providing financial support from the bank to deserving/ meritorious students for pursuing higher education in India and abroad. The main emphasis is that every meritorious student is provided with an opportunity to pursue education with the financial support on affordable terms and conditions.

BOI Star Home Loan
  1. Provides loans to purchase a Plot for construction of a House, to purchase/construct house/flat, as well as for renovation/ repair/alteration/addition to house/flat Maximum loan amount is Rs.500 lacs and repayment ranges up to 25 years, with reasonable margin and nominal processing charges. No commitment /administrative charges
  2. The loan is available at very competitive rates of interest, currently available in the industry.
  3. Option for different EMI amounts for different periods during tenure of loan to suit customer’s repayment capacity
  4. Prepayment of Loan permitted
  5. Interest is calculated on daily balance basis which is of great advantage to customer as it results in lower interest amount.
  6. Loan to NRIs as well as Persons of Indian Origin.
  7. Simplified application form/procedures for convenience of customers, and speedy approvals.
  8. Free Personal Accident Insurance cover (Renewed at banks discretion)
  9. Life Insurance Cover to borrowers for Loan Protection(optional)
  10. Please visit our nearest Branch and avail loan to own your dream home
EligibilitySalaried employees, Professionals, Self-employed persons. Requests are also considered from NRIs, PIOs, HUF, and Prop. Firm, Partnership firms and corporate.
  • To purchase/construct house/flat
  • To renovate/extend/repair existing house/flat.
  • To purchase a plot of land for construction of house.
Quantum of LoanFor construction/purchase of a house/flat-Rs.300 Lacs (Rs.500 Lacs in major metros viz. Mumbai, Kolkata, New Delhi and Chennai)

  • Repairs/renovation/extension to house/flat –Rs.50 lacs
  • Purchase of a plot – Rs.100 lacs
  • Loan for purchase of household articles along with home Loan for furnishing the house/flat @15% of Home Loan amount Max. Rs. 5.00 lacs is offered under Secured Personal Loan with same Rate of Interest as applicable under Home Loan with maximum repayment period of 10 years including moratorium period, if any.

Note: Minimum Home Loan :- For Metro/Urban Centres :-Rs. 1 Lac

Processing charges / Other expensesFOR INDIVIDUALS

Loan LimitCharges- One Time (inclusive of ST)
For All Loan amounts@0.25% of loan amount Min.Rs.1, 000 and Max. Rs.20,000/-

For Partnership firms & Corporate Borrowers – Processing charges will be double that of individuals.
For Rural areas – Processing charges will be 75% that of applicable to individuals in respect of loans availed by borrowers from rural areas from the Rural Branches. Legal Expenses/Valuation Charges/Stamp Paper Charges etc., At actuals.

For 1st House/FlatFor Loan up to Rs.75 Lacs:For Loan above Rs.75 Lacs:
20% on pure cost of the house/flat excluding stamp duty, registration etc.25% on pure cost of the house/flat excluding stamp duty, registration etc
For 2nd or Subsequent Home Loan/House/Flat25% on pure cost of the house excluding stamp duty, registration etc.
Repayment(can be customized)Highly flexible – maximum 25 yrs. including moratorium period of 18 months (max.) in monthly instalments, including Bank’s approved projects. Loan to be normally repaid before date of retirement in case of salaried persons and before attaining 65 years of age in case of others.
Eligible Quantum of Loan/ EMICalculation of quantum of loan is related to Income/repayment capacity of proponent/borrower

Salaried Employees :72 times of gross monthly salary or 6 times of gross annual income based on I-T Returns.
Self-employed/ Professionals etc.6 times of Gross annual income based on I-T Returns
HUF/Proprietorship /Partnership Firm/ Company6 times of cash accruals (PAT+Depreciation) as per Balance Sheet/P&L Account
In case of Individuals
Net Take Home pay(NTH)/income (net of all deductions including EMI of Proposed loan) is stipulated as under :-i. Gross Monthly Income up to Rs.1 Lacs NTH Minimum – 40% 
ii. Gross Monthly Income over Rs.1 Lac up to Rs. 5 Lacs NTH Minimum – 30%

iii. Gross Monthly Income over Rs.5 Lacs NTH Minimum – 25%

In case of HUF/Proprietorship/ Partnership firm/Company: DSCR should be minimum 1.5.
Rate of Interest (Floating ROI- linked bank’s base rate , p.a. at monthly rests)
Up to 5 yrs.> 5-10 yrs.> 10-15 yrs.> 15-25 yrs.
FOR LIMITS UPTO RS.30 LACS :10.2510.2510.2510.25
FOR LIMITS OVER RS.30 LACS BELOW RS.75 LACS :10.3510.3510.3510.35
FOR LIMITS RS.75 LACS & ABOVE10.5010.5010.5010.50
SecurityMortgage/Equitable Mortgage (1st charge) on land/flat/house. Third Party guarantee (if mortgage could not be created before or at the time of disbursement).
Special Features
  • Free Personal Accident Insurance cover for the borrower (covering accidental death as well as permanent total disablement) as per terms of insurance policy covering loan outstanding as on the date of accident(Renewal at the discretion of the Bank).
  • Life Insurance cover to housing loan borrowers , at affordable premium against risk of death during tenure of loan under Group Insurance Scheme in tie up with Star Union Dai-Ichi Insurance Co. Ltd. at borrower’s own expenses & option.
  • Loan furnishing the house/flat at a rate of interest as applicable to housing loan under the scheme.
Other Attractive Features
  • Interest on Daily Reducing Balance Basis
  • No Pre-Payment Charges on Floating Rate Loans
  • Facility for step up/ step down EMIs
  • Inclusion of notional rental income in case of 2nd House and also Employees staying in Staff Quarters;
  • Inclusion of Income of Close relatives for enhanced loan
  • Tax Benefit on Interest and Instalments repaid in Home Loans
  • Facility for 100% loan irrespective of stage of construction OR Bridge Loan subject to conditions:

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